UK falls to record low in renewable energy investment index

The UK has dropped to a record low ranking in accountancy firm EY’s renewable energy country attractiveness index (RECAI).

It has fallen to 14th place in the league table, falling behind Australia, Japan and Morocco.

EY said uncertainty caused by Brexit, the closure of the Department of Energy & Climate Change and the approval of Hinkley Point C “all dealt a sizeable blow to the UK renewables sector”.

“Some respite came when the UK Government approved 1.8GW Hornsea 2, which will be the world’s largest offshore wind farm if completed as planned,” it added.

Progress for European countries

The top five countries remained unchanged, with the United States leading China, India, Chile and Germany. Mexico climbed to sixth place and France rose to seventh.

Other European countries climbing the rankings included Belgium, Sweden, Ireland, Norway and Finland.

EY said European nations were beginning to work out ways of incorporating renewables into their ageing centralised power grids.

Public support for renewables remains high

The UK’s descent down the RECAI appears to come in contrast to rising support for renewable energy.

The UK Government’s latest Public Attitudes Tracking Survey found a record 71% of respondents support onshore wind power, the highest since the official poll was launched in 2012.

Hugh McNeal, Chief Executive at trade body RenewableUK, said: “Onshore wind is the cheapest form of new power generation available in Britain, so it makes sense to use it to keep people’s electricity bills as low as possible.”